Norway Pelagic increases Shetland investment
Shetland Catch investor Norway Pelagic has increased its investment in the pelagic processor by £3 million, raising its shareholding from 25 to 50 percent. Norway Pelagic made its initial investment of £1.533 million in Shetland Catch in 2007.
“We are delighted that Norway Pelagic has chosen to make such a substantial investment in Shetland Catch. This investment reflects a wider confidence in the pelagic industry at the moment. It also recognizes the huge potential which Shetland Catch has to develop its business,’’ said John Goodlad, chairman of Shetland Catch.
“This is very good news for Shetland Catch,” said Simon Leiper, managing director of Shetland Catch. “While we will continue to operate independently, we very much look forward to working with our partners in Norway and planning for the future with confidence.”
Tor Vikenes, CEO of Norway Pelagic added: “We have increased our stake in Shetland Catch because of its excellent strategic location, especially in relation to the attractive mackerel and North Sea herring fisheries. Shetland Catch has an experienced management team and we look forward to working with our partners in Shetland.”